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Anonymous

10 Dec 2024

Insurance

How can I grow my wealth?

Hi Everyone,

im F(32) with take home pay of 3.5k per month with no investment or savings plan.

Am I spending too much on insurance And How can I grow my wealth? Am starting from zero as have zero experience in the investment world.

Summary of my current situation:

I have about 100k in a UOB one account earning about $300 interest a month

Insurances

  1. Prulife multiplier flex - $200 a month
  2. PruActive protect - $1270 annually
  3. PruExtra Premier - $680 annually

am I overprotected for health? how should I grow my wealth for retirement or for my newborn child?

appreciate some guidance on where I should begin. Thank you

Discussion (1)

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Elijah Lee

Edited 12 Jun 2025

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hello anon,

I probably missed this question some how. I'll distill the key points you need to take note of.

  1. You need to ensure you're sufficiently covered across all areas. While you have listed your policies and premiums, we don't know the sum assured and thus it will be difficult to determine if you are over insured or underinsured. Get that sorted first.
  2. Ensure that your child has at least some basic coverage because you don't want any medical emergencies to force you to have to liquidate your investments.
  3. Once that's done, you can grow your wealth and that will be an entire topic on its own that is probably best tackled with some reading and discussion with a trusted advisor. Topics from budgeting, objectives, goals, etc as well as making and sticking to an action plan.

Please start with point 1 first and work your way from there. Hope that helps. If you have further questions you can reply to this post.

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